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Corporate banking has traditionally been considered a “high touch” set of services provide by the banks to business customers. Skepticism about the ROI on significant technology investments has inhibited technology deployment in corporate banking relative to that in the retail banking business.
The Covid-19 pandemic has only validated the need for robust digital capabilities across all industries. Banks have not been immune from customers’ demand to manage their banking relationships using digital channels; especially when it comes to banking transactions and payments using the mobile phone.
The current pandemic situation has had a significant impact on the way people bank. It has led to an acceleration in digital adoption. Customers now prefer digital channels to perform all their banking transactions.
Digital onboarding has moved far beyond the hype phase and considering the present situation, it is no longer an optional but an imperative functionality for banks & financial institutions to increase customer acquisition and provide seamless customer experience.